Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 July August September Soles in units 4,000 4,500 5,000 Sales ... $400,000 $450,000 $500,000 240,000 270.000 160,000 Cost of goods sold 300,000 _200,000 Gross margin .. Seling and administrative expenses: Advertising expense.. Shipping expense... Salaries and commissions. 180,000 21,000 34,000 78,000 21,000 36,000 21,000 ......... 38,000 90,000 6,000 15,000 ..... .......... 84,000 6,000 15,000 Insurance expense. Depreciation expense Total selling and administrative expenses Net operating income... 6,000 15.000 154,000 162,000 $ 18,000 170,000 $ 30,000 $ 6,000

Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 July August September Soles in units 4,000 4,500 5,000 Sales ... $400,000 $450,000 $500,000 240,000 270.000 160,000 Cost of goods sold 300,000 _200,000 Gross margin .. Seling and administrative expenses: Advertising expense.. Shipping expense... Salaries and commissions. 180,000 21,000 34,000 78,000 21,000 36,000 21,000 ......... 38,000 90,000 6,000 15,000 ..... .......... 84,000 6,000 15,000 Insurance expense. Depreciation expense Total selling and administrative expenses Net operating income... 6,000 15.000 154,000 162,000 $ 18,000 170,000 $ 30,000 $ 6,000

Name: Cost Behavior; High-Low Method; Contribution Format Income StatementMo
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Description: Cost Behavior; High-Low Method; Contribution Format Income StatementMorrisey & Brown, Ltd., of Sydney is a merchandising company that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company’s inco

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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